AT&T reaches deal with ChinaIn a deal that could be worth...

BUSINESS DIGEST

February 24, 1993

AT&T reaches deal with China

In a deal that could be worth billions of dollars over the next several years, China agreed yesterday to discuss buying a wide range of equipment from AT&T, including switching and transmission systems, cellular telephones, and business phones and computer networks.

AT&T and China signed a memorandum of understanding to jointly develop manufacturing plants and research and development projects as China expands and modernizes its telecommunications systems.

Nissan, Nippon to cut jobs

Nissan Motor Co. and Nippon Telegraph and Telephone Corp. yesterday joined the growing list of Japanese companies forced by the recession to announce or consider cuts in their work forces.

Nissan, Japan's second-largest carmaker, said it would cut its 48,000-person work force in Japan by 5,000 over the next three years because of the severe sales slump that has affected a broad range of Japanese businesses. NTT, meanwhile, said it is studying a plan to slash its work force by 30,000, or 13 percent, over the next four years.

May has 20% gain for quarter

The May Department Stores Co., the nation's largest department store retailer and the parent of Hecht's, said fiscal fourth-quarter net income rose 20 percent as the company's consolidation into four department store companies from eight continued to help strengthen the retailer. Separately, May declared a two-for-one stock split and increased its dividend 11 percent.

$17 million pact for Westinghouse

The Westinghouse Electronic Systems Group in Linthicum has been awarded a $17 million follow-on order from the U.S. Postal Service to upgrade electronic letter-sorting equipment. The contract calls for Westinghouse to modify existing postal equipment with electronic sensors that can automatically read and sort both bar-coded and uncoded mail.

Law firm opts for Commerce Place

The law firm of Kalinoski & Jacobs will move to the new Commerce Place tower at Redwood and South streets from the Sun Life Building, building developer Harlan/KDC Associates said yesterday. Terms of the seven-year lease were not disclosed.

It would be the fourth law firm in recent months to announce plans to move to Commerce Place, which has been more than 70 percent vacant after opening last year.

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